Mortgages & Home Loans

Mortgage Loans

Your Future is in your Home.

Most likely, your home will be the single largest investment you'll ever make, and you need the right lender. So, when you're buying a new home, refinancing your current home, or remodeling, call the real estate lending experts at 1st UCU Home Mortgage. Our full-service mortgage loan department is ready to assist you.

Why 1st UCU As Your Mortgage Lender in Waco?

At 1st University Credit Union, there is a difference when you choose us as your mortgage lender:

  • FREE credit approval and pre-qualification

  • Fast, convenient loan approval

  • Answers and lock-ins without delay

We offer the following types of Home Mortgages:

  • Conventional

  • Home Equity

  • Cash Out Refinances

  • FHA

  • VA

  • USDA

  • Second Home

  • Home Improvement

  • New Construction

Get Pre-Qualified for Your Mortgage

Before you head out with your real estate agent, it is wise to know how much house you can afford. Getting pre-qualified starts with our mortgage experts assessing your current credit and income situation. Next, we crunch the numbers and determine how much you can borrow.

Equipped with this knowledge, you can shop for your dream house. Once you have found it, you can present your Pre-Qualification Letter with your bid, giving your sellers a high level of confidence in your ability to complete the purchase.

Contact us to start the pre-qualification process by completing a mortgage loan application or click here for a mortgage calculator.

FHA Loan: Flexible Mortgage Solution

Are you browsing the housing market, going over your options for mortgage financing? Consider a Federal Housing Administration (FHA) loan at 1st University Credit Union.

FHA loan advantages:

  • Only requires a 3.5% down payment

  • Loan terms can be either 15 years or 30 years

  • Mortgage is funded by an approved lender — that would be us — and then insured by HUD (the US Department of Housing and Development)

FHA loan requirements:

  • Borrower must have a credit score of 640 or higher

  • Private Mortgage Insurance is included in your mortgage

Home Equity and Cash Out Refinance Loans

Capitalize on the value you've built up in your property

You’ve owned your home for a while and discover there’s “equity” built up in your property, and you realize that you would like to tap into that source of money to make renovations to your home, help your kids pay for college, take a long-awaited vacation, or — well, the list of possibilities goes on! So how do you get the cash out of your home? With a Home Equity Loan or a Cash Out Refinance.

For both types of loans, how much you can borrow depends on three factors:

  1. the current market value of your home

  2. the balance on your existing mortgage

  3. the amount of any other liens (more than likely, you won’t have any of these)

Once you know the current market value of your home, multiply it by 80%. From that number, subtract the payoff amount for your existing mortgage and liens. For instance:

  • Market Value = $400,000

  • 80% = $320,000

  • Mortgage = $100,000

  • Liens = $0

  • $320,00 - $100,00 = $220,000. This is the maximum amount you may be able to finance.

Now it’s decision time. Which solution is right for you?

  • Home Equity Loan: if you choose a Home Equity Loan, your original mortgage loan stays in place, and you now have two loans: your mortgage and your Home Equity Loan.

  • Cash Out Refinance: if you choose a Cash Out Refinance, your original mortgage is paid off, and you now have only one loan: your Cash Out Refinance.

Whether you’re considering remodeling, a new car, a bucket-list trip, or something else, 1st UCU Mortgage Services can help you turn your home’s equity into cash.

Please contact us to start the pre-qualification process, click here for a mortgage loan application or click here for a mortgage calculator.

Mortgage Loan Rates

For current mortgage rates or a mortgage loan application, contact Mortgage Services at (254) 752-2797 or (877) 377-2797 or email at mortgageservices@culink.net.

 

Take the first step. Call or apply for a mortgage loan today.

Patti Parker
VP Mortgage Services
(254) 752-2797 ext. 322
(877) 377-2797 ext. 322

NMLS # 1334842